Sony, the world's second-largest consumer-electronics maker, reported profit rose more than it projected after selling buildings, chip-making assets and shares of its financial unit.
Net income in the 12 months ended March 31st almost tripled to a record 369.4 billion yen ($3.5 billion), beating its 340 billion yen forecast, the Tokyo-based company said today in a statement.
Sony predicted profit will fall 22 per cent to 290 billion yen this fiscal year, matching the median estimate in a Bloomberg survey of five analysts.
Lower earnings this year may increase the pressure on Chairman Howard Stringer, 66, to deliver products that can outsell Nintendo's Wii and Apple's iPod. Sony shares are the worst performers this year among Japan's five largest consumer electronics makers.
"Operating profit, or sales minus the cost of goods sold and administrative expenses, will rise 20 percent to 450 billion yen this fiscal year, Sony said.
Operating profit jumped fivefold to 374.5 billion yen in the 12 months ended March 31st, compared with the 377.3 billion yen median estimate in the survey.
Sony plans to double its dividend payment to 50 yen a share, it said. Chief Financial Officer Nobuyuki Oneda said the company will unveil a mid-term business plan next month.
Bloomberg